Asia's Oil Majors Look To North America For Oil And Gas

Asia's Oil Majors Look to North America for Oil and Gas

The price difference between North American natural gas and that in Asia has attracted many Asian firms, such as PetroChina Co., Mitsubishi Corp., and Cnooc Ltd., to invest in the Canadian oil and gas industry. So far this year, over $8.7 billion worth of deals have been announced in Canada, the most since 2009 when the total reached $47 billion. The price differential was partly what attracted Petroliam Nasional Bhd (Petronas), the Malaysian state-owned oil company, to Canada, where it is now in the process of negotiating an acquisition exceeding…